Velocity Global Wallet - Bonus Points Offer

[BigKahunaBurger]

Hi

Received what I think is a targeted promo:

Earn Points on your next FX transfer
For a limited time, you can earn 15,000 bonus Velocity Points when you transfer AU$10,000 (or foreign currency equivalent) into a foreign currency on your Global Wallet®*. Simply transfer by 23 December 2017.

Ts&Cs:
*Offer only available to the named recipient of this email. Not valid in conjunction with any other offer and non-transferable. To be eligible for bonus Velocity Points you must open this email and complete a foreign exchange transfer in your Global Wallet®account between 00:01 AEST 23 November 2017 and 23:59 AEDT 23 December 2017 (‘Campaign Period’). You will receive 15,000 bonus Points for transferring AU$10,000 (or foreign currency equivalent) into a foreign currency wallet during the campaign period. All exchanges will be subject to the Applicable Exchange Rate. Read the Product Disclosure Statement for more information on exchange rates. Bonus Points will be allocated to your Velocity Account within six weeks of the end of the Campaign Period.

What are people's thoughts as to whether this is a good offer or not?

Cheers

BKB

 

[AustraliaPoochie]

Yes, its targeted, as I have not received the email, (OT) noting that even IF I had received it, no way would I have Aud10000/equiv of it sitting around.
Edit: IF I had that amount of money, I would not use the "deal", yes if the ROR was higher, but not for 15,000 VFF points.
For 25,000 VFF points, maybe, but not for 15,000 VFF points.
Would let the funds sit in an ING savings maximiser account, the bonus interest rate on those accounts are sweeter.

 

[BigKahunaBurger]

Thanks for your thoughts. I was more thinking of moving the cash in to get the points, then drawing it back out again and putting back on the mortgage....

 

[Happy Dude]

What are the exchange rates and other fees like?

I've just made platinum and the welcome pack was heavy with ads for the Global Wallet. Didn't seem particularly worthwhile.

 

[AustraliaPoochie]

Exchange rates are volatile, in the sense that you cannot preplan them.
When you make a request to get some currency from AUD to the currency you want, you have about 25 secs of coundown, and you can either accept or deny the transfer.
No way to preplan.
That is one downside of the VGW, but its return is 33% per Aud$1 dom spend, so better than QCC where the return is 25% per Aud$1 dom spend.
Fees are as stipulated on the website, and there is an inactivity fee, I think 1.5% of the outstanding balance or $1 or something like that. Edit: Aud$1.95 inactivity fee, I just checked.
All info is on the VGW website, the only thing you can't bank on, or rely on, is the forex rate.

 

[AustraliaPoochie]

Bigkahunaburger, I think you cannot take funds out by bank transfer, you have to go to an ATM, or PtoP via app.
Putting the funds into the VGW to get the bonus points might be a good idea for 15k VFF points, but see about how you can take back the funds out.
VGW also has got no branches, and if you haven't proven id, you can't deposit more than $500 into it.
They want Id if you are going to be a big depositor, like passport or driving licence to check against what ever database they do check with, they are cunning in the sense, I once purposely left out my middle name, but my Au passport has a middle name, nope, not accepted the thing said.
Entered my middle name into the VGW website, and it worked.
Edit: my apologies, just checked, you can bank transfer the funds out of VGW, but it takes 10 days.
I have never checked "funds redemption", but bank transfer funds out is in fact possible.